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Where/How to sell a diamond ring?

Discussion in 'Personal' started by beyondexcited, Jul 14, 2011.

  1. Hello,
    I was just wondering if anyone has any advice on the best way to gain a value and then sell a diamond ring? I have looked on the web and have had various suggestions given - ranging from Ebay, auctions and Hatton Garden jewellers. The issue though is that I dont really know the actual/current value as it was bought 4 years ago in Dubai. Obviously I know how much we paid for it then! However I am clueless as to whether Jewellery has gone up or down in value.
    Basically I want to know if there is any possibility in finding out the true value so that I dont get ripped off when I do sell it!

    Thanks in advance
     
  2. Can't help you with selling ideas, unfortunately. But I used to give private lessons to a jeweller in Germany, and he told me that the "true value" of any jewellery is almost never more than 40% of the sale price, and is often a lot less
    I can't speculate how well that relates to an item bought in Dubai, but it might spare you some disappointment if you didn't hope for more
    Btw, if you do take it to a jeweller, it wouldn't be a bad idea to take the original receipt with you - you don't have to show it to him if you don't want to, but you never know if it'll come in handy
    Best of luck anyway!
     
  3. Anonymous

    Anonymous New commenter

    Gold prices have risen.
     
  4. gruoch

    gruoch New commenter

    It will depend on a whole lot of things - the size/cut/quality of the diamond and the setting are important. The carat of the gold. Hallmarked or not? If bought in Dubai, there may be a problem with that. I have a friend with an Indian gold bracelet - no hallmark and it's a kind of red gold. Lots of people refuse to believe it's gold at all, though it weighs a ton.
    I'd go round your local big city/town and check out jewellers which sell second hand rings, then get a variety of quotes. Not something I'd try to sell on line, though.

     
  5. Thanks for your replies.
    I think you are right about online, much rather actually sell it in 'real life'! Its a platinum ring which has got its diamoind certificate thingy, but when Ive googled the cut etc I get vastly different prices.
    I reckon a trip to London and Hatton Garden is in order. I just hope I dont have a simple look on my face that day and get ripped off!
     
  6. BelleDuJour

    BelleDuJour Star commenter

    Truth is you will not get anywhere near what you paid for it. My mother is thinking of selling a beautiful 2 carat solitaire. It's valuatiion for insurance (and replacement) is £15,000 but she'll be lucky to get £2,000 for it.....and that's through a friend of mine who's a top end jeweller.
    There's a huge mark up on new jewellery, and a huge mark down on second hand jewellery.
     
  7. marlin

    marlin Star commenter Forum guide

    I don't know where you are located, but if London is a distance don't forget Birmingham has a Jewellery Quarter.
    I think you are best to go round to several places - but don't forget your local jewellers too as they might give you a better price than some jewellers in the larger areas. If you get a quote from them first, before you travel, you'll know whether to 'do the deal' on the day.
    I love jewellery! [​IMG]
     
  8. I've a diamond ring which was valued at £1500 - most anyone would give me though was £100, so have kept hold of it!!
     
  9. Thanks again for replies.
    Oh it doesn't bode well! I'm in Cambridge so will take it to London and get a few valuations. I won't get my hopes up though! I suppose we could use the diamond and get it reset or put onto a necklace etc.
    I can't believe how quickly jewellery loses it's value!
     
  10. Si N. Tiffick

    Si N. Tiffick Occasional commenter

    I took my diamond eternity ring round the jewellers in Glasgow after my divorce. It was valued at £2000. The most I was offered was £300. I still have it.
     
  11. minnie me

    minnie me Lead commenter

    I have a Boodles sapphire and diamond engagement ring which I have tried to sell . Similar story. I have kept hold it it and may have it re worked as a pendant .
     
  12. oldsomeman

    oldsomeman Lead commenter

    Try sell it privately . your more likely to get a better price than a dealer..maybe to a friend or collegue?
     
  13. I was going to suggest a card inthe Post Office, or a notice in the paper. got to be worth a try, and any dealer will factor in overheads. Try Marketplace on here?
     
  14. BelleDuJour

    BelleDuJour Star commenter

    You will get a better price for it in a jewellers if you part-ex it for another piece.
     
  15. Thanks again for the suggestions... We are going to London next weekend anyway so I will take it with us and see what the jewellers say.
    I am loving the suggestion off Belle! Another piece of jewellery!
     
  16. I know it has been a while but did you ever find your ring Gorgy?
     
  17. I never did, Leviosa. Was sorely tempted by a couple but never took the plunge. Do you know of one?
    XX
     
  18. Will pm you x
     
  19. modelmaker

    modelmaker Occasional commenter

    You might be best off having it nicked and claiming off the insurance company.
    Some years ago, we were burgled and my sweetheart had her jewellery stolen along with lots of other stuff like the telly, hi fi, CDs and stuff. The insurance company were very good about it and didn't quibble. They just asked for a list.
    I have to say, it's a bit of two-way loss in an incident like this because you can never remember everything you own until the matter has been settled. To this day, I miss lots of CDs I'd owned that didn't get claimed for.
    Anyway, one particular piece of jewellery that was stolen was a broach that her aunt had passed down to her. Its value was never known. The insurance company told her to go to a jewellers shop and describe it to get a likely valuation. She ended up with a valuation for around £2,500 and sadly, didn't take it in cash but got talked into having a diamond ring by the jeweller as a replacement.
    Mind you, she might still have it, whereas the cash would have been frittered away long ago. To tell you the truth, I very much doubt she does still have it. She took a sabatical from our marriage for a year or so and although she'll never let on, I'm pretty sure she didn't find it as easy as she'd imagined it would be. Why else would she have returned?
     
  20. magic surf bus

    magic surf bus Star commenter

    Stick it on eBay with about 80% of the scrap value of the gold as its starting price, and maybe add a little bit more for the diamond to decide its reserve price.

    It will need reputable hallmarks.

    Gold has gone up in the last 4 years but it's currently lower than usual and has levelled out somewhat in recent months.

    Valuations are usually for insurance purposes and bear little resemblance to actual sale prices, as we discovered when clearing out my late Mum's possessions.
     

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